Albion Financial Solutions

If you're a First Time Buyer in the Highlands, and want to understand more about your mortgage options...
.. call or whatsapp Sam on 07780882881 for a chat about your options
[email protected]

...however, 19% said they didn’t know if their mortgage would be cleared by the time they are due to retire.

The role of a good mortgage adviser is to align the mortgage you want with your aims in life 🎯

They will assess your retirement goals, your current and future affordability amongst many other things.

It isn't always always as simple as taking the cheapest mortagge you can find!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Approved by The Openwork Partnership on 23-07-2024

Albion Financial Solutions is a trade name of Alistair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Don't be disheartened by the headlines suggesting that it is 'impossible for young people to get on the propery ladder'

As a First Time Buyer in Scotland, there are ways to get on that ladder, which you may not have considered:

🏴󠁧󠁢󠁳󠁣󠁴󠁿 100% Mortgage
Access all of the lending you need, with zero deposit.

If you're currently renting, and have never missed a payment, it could be an option for you.

🏴󠁧󠁢󠁳󠁣󠁴󠁿 5% Deposit Mortgages
If you don't qualify for a 100% mortgage, but do have a small deposit saved, there could still be options out there for you!

🏴󠁧󠁢󠁳󠁣󠁴󠁿 Shared Equity
There are schemes (for example - LIFT) which can assist Scottish First Time Buyers access homes they otherwise wouldn't be able to afford

🏴󠁧󠁢󠁳󠁣󠁴󠁿 'Bank of Mum and Dad'
Your parents could help you either with Joint Borrower Sole Proprietor or perhaps by being your guarantor

For an obligation free chat about your options, get in touch today 👋

[email protected]
07780882881

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Approved by The Openwork Partnership on 09/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

If you are a first time buyer in Scotland but don’t think you can afford the full price, the Scottish Government LIFT Scheme could help.

The LIFT Open Market Shared Equity (OMSE) scheme helps buyers to purchase a home for sale on the open market by providing up to 40% funding towards the price.

The Scottish Government contributes between 10% and 40% of the valuation or purchase price (whichever is lower) of a home you have chosen on the open market.

When it is sold, the same percentage of the sale price is returned to the Scottish Government; or you can increase your equity share when it suits you to do so.

Get in touch for a chat about your situation if you want to know more.

📱Call/Text/Whatsapp - 07780882881
[email protected]

Good news to start the day as The Openwork Partnership won the Moneyfacts Award for ‘Mortgage Network of the Year’ last night. A terrific endorsement of the breadth of the proposition and the relationships we have built with our firms and lenders.

Fixed Rate Mortgage 🏠🔒

Imagine knowing exactly what your mortgage payments will be for the next few years, rain or shine (or whatever the election result).

That's the magic of a Fixed Rate Mortgage

Your interest rate stays the same for a set period (usually 2 or 5 years), giving you stability and making it easy to plan your finances.

It’s like having a financial crystal ball! 🔮

In quarter three of 2024, there are 17,768 fixed rate deals that are coming up for renewal where the current mortgage rates are less than 2%

Figures from the Child Poverty Action Group, the cost of a child report, reveals that in 2023, the full cost (including housing and childcare) of raising a child in the UK was £166,000 for a couple and an eye-watering £220,000 for a single parent.

Single parents pay more because fixed costs like transport are shared between fewer people, so a higher proportion of those costs are attributable to the child.

As a result, single parents are being disproportionately affected by the cost-of-living crisis.

A report from the charity Gingerbread found the financial situation of two in three single parents in the UK is worse than it was a year ago, with one in five using credit to pay for household essentials and a similar number turning to food banks.

The same report revealed one in three single parents have seen the amount of debt they have increased over the past year, with almost half of those finding themselves more than £1,000 deeper in debt. In total, 76% of all single parents are in debt and half of those owe more than £2,000.

If you’re a single parent, it makes sense to get financial advice regardless of your age or income.

A financial adviser has the experience and market knowledge to assess your situation accurately and provide recommendations for suitable products and services.

So, if you’re a single parent and you’d like advice on any money-related matters, we’d be delighted to help.

Call/Whatsapp/Text: 07780882881
or email us at [email protected]

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Approved by The Openwork Partnership on 03/06/2024

It's not always easy to find time in the week for 'life admin' is it?

If you would prefer to chat through mortgage or insurance options on the weekend, then get in touch to arrange a Saturday morning catch-up.

Coffee and croissants optional (but highly recommended!) 🥐

Call, or Whatsapp, 'Saturday-Sam' on
📱07780 882 881

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 05/06/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

An Early Repayment Charge (or ERC) is a cost you would have to cover if you repaid your mortgage in full or in part before a date specified in the mortgage agreement.

These will commonly be associated with Fixed Rate, Capped Rate, cashback and Discount Rate mortgages.

These charges are separate to any 'overpayment' facility you may have included in a mortgage agreement which are often capped at 10% of the loan amount in any one year.

ERC's often make the process of switching to another lender before your initial term with them has expired.

You’re not alone!

As mortgage advice experts, we can help you navigate the mortgage market.

Talk to us to find out more and call us on 07780882881 or email us at [email protected]

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 05/04/2024.

Are you worried about the price of getting Life Insurance in place to protect your family?

The cost of life insurance depends on a number of factors and is tailored to your unique situation, but the average cost for a policy of £100,000 of cover is only £8 a month.

Monthly premiums can begin below £5 per month for £100K worth of coverage for families with younger members.

For an obligation free chat about how we could help protect you and your family, get in touch today 👋
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Approved by The Openwork Partnership on 03/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

You are a First Time Buyer in Scotland if...

- You’ve never owned a home anywhere in the world (or a part share of a home) and are looking to purchase a home for yourself.

- You do own a property, you only own commercial property, such as a shop or pub with no living space.

- You are looking to buy a buy-to-let property, you’ve never owned a home - as above, that means anywhere in the world!

For an obligation free chat, get in touch today 👋
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 14/03/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

For an obligation free chat, get in touch today 👋
🖥 [email protected]
📱07780882881

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 17/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

There's absolutely no denying that a high credit score and a perfect payment history help when applying for a mortgage.

But it isn't the whole story

Not only are lots of mainstream lenders able to overlook small blips on a borrowers file, but also there are a whole category of lenders who specifically work with individuals who have a less-than-perfect credit file.

Some of these more specialised lenders work exclusively through brokers so you wouldn't be able to access them without speaking to mortgage adviser.

The exhange is that they often have higher interest rates, and sometimes the upfront fees are quite high too. You need to consider if that is a cost worth paying to be able to own a home.

As always, it's a good idea to discuss all of your options with an expert before-hand.

For an obligation free chat, get in touch today 👋
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 09/05/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

The mortgage industry loves a good %, and none moreso than the Loan to Value, also known as LTV.

And here's a percentage based guarantee - 100% of people have nodded along to someone else mentioning a 'good' or a 'bad' LTV without having the foggiest what it meant.

Well, here it is (if you haven't already Googled it):

The Loan to Value is the amount you want to borrow from a lender divided by the purchase price.

If you make an offer on a flat at £100,000, and you have £5,000 to put in as a deposit then your lender will offer you mortgage products at a 95% LTV.

It's typical to see LTV's of 95%, 90%, 85% because lenders often put lower interest rates at lower LTV's so you are encouraged to put more of a deposit in to bring the LTV downwards and then get lower interest rates.

For advanced level LTV conversation see Shared Equity schemes - That's when things get fun!

5%, 10% or more? What is the right amount for a deposit?

The first thing is that if you can raise a larger deposit, you are going to pay less interest over the length of the mortgage term.

Put simply, your lender will charge interest on every £ you borrow from them. By borrowing £90,000 instead of borrowing £100,000, you will pay less interest.

Furthermore, by putting in a larger desposit, you may be able to access mortgage rates which are much lower than if you put in no deposit or the bare minimum.

However, it is crucial to understand that everyones personal circumstances are different. As such, it isn't always obviously better to put every last penny you have into a deposit if you don't have to.

You should consider things like having an emergency fund, or potential changes in circumstance which will demand having some cash at hand.

For an initial chat about your circumstances, get in touch today 👋
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 21/05/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Want a sure fire way to make estate agents love you - turn up to see them having had a DIP.

A Decision in Principle has many alternative names:

Mortgage promise
Agreement in Principle
Mortagage in Principle
Approval In Principle

And they all mean the same thing - A specific lender is willing to give you a mortgage of a certain value so that you can buy a home.

A DIP the first step in any mortgage process, and they demand that you provide accurate information to the lender so that they can assess whether they would be willing to lend to you.

As with the variety of names, the process and criteria for obtaining a DIP is different for every lender.

But one thing is universally true - Estate Agents love buyers who have them!

If you would like some help with starting your mortgage journey, get in touch today 👋

🔵 07780882881
🟡 [email protected]
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 22/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

If you are one of the millions of people in the UK who use Buy Now, Pay Later (BNPL) arrangements such as Klarna, you may be wondering what impact it may have on a mortgage application.

Whilst some BNPL options, such as Klarna, don’t show on your credit file, others do.

If they show on your credit file, the lender will consider them for affordability purposes unless it’s clearly indicated on the mortgage application form that they will be repaid.

Otherwise a lender may just look to understand your past utilisation of BNPL arrangements so that they can understand a bit more about your spending, and assess if it's going to be a consideration for them.

As with other forms of credit, missing a payment on a BNPL arrangement could result in extra charges and could, in time, affect your credit-worthiness in the eyes of lenders.

If a lender can see evidence of significant and frequent use of BNPL arrangements, they may look to ask some more questions before agreeing to lend to make sure that the applicant doesn't have an over-reliance on such lending

It's in these kinds of instances where working with a mortgage broker can assist as we have the ability to discuss such things with the lenders on your behalf, potentially saving you time and securing the mortgage you were applying for.

In summary, using Klarna or other BNPL arrangements could have an effect on your ability to borrow from a mortgage lender, however by not allowing yourself to become over-stretched with such arrangements, the risk should be very low.

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If you've got money worries but you're not sure where to start, try www.stepchange.org

StepChange are not part of The Openwork Partnership offering. The Openwork Partnership Limited accept no responsibility for this aspect of our business.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 15/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Work from home days! 🏡🐾🦴

Can you use a gift of money as a deposit to secure mortgage?

Yes, you can!

And it's a way that many people access the funds needed to get on the property ladder.

There are a few things to consider:

- Most lenders will insist that the gift is from a family member, however there are a few lenders that allow the money to come from a friend

- Importantly, your lender will also want to know that the person gifting the money has no interest in the money being repaid to them in anyway

- Finally, your lender will need to know where the person giving you the gift has obtained those funds from - i.e. was it from savings, an inheritence, pension or perhaps equity that they released from their own home?

For an obligation free chat about your mortgage journey, get in touch today 👋
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 15/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Keeping an eye on your credit file can be vital if you're applying for a mortgage, but did you know there are ways to do it for free!

It's important you check through your credit report at least once a year because even small errors on your credit file can cause problems.

But if you are thinking about applying for a mortgage, it's even more important to make sure your file is in good shape:

- Check addresses on old accounts
- Fight unfair defaults on your file
- Always check your credit reports after rejection
- Cancel unused credit and store cards

There are three credit agencies which hold credit reports on you: Equifax, Experian and TransUnion.

All three have ways to check their 'version' of your credit file for free, altough be careful because sometimes you need to cancel a subscription with them within a time period to avoid being charged:

Equifax – use Clearscore, which provides free access to your Equifax report

Experian – use Experian's CreditExpert free 30-day trial, but you'll have to cancel before the end of the trial to avoid the ongoing £14.99/month fee

TransUnion – use Credit Karma, which gives you free access to your TransUnion report

For an obligation free chat about your mortgage needs, get in touch today 👋
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Approved by The Openwork Partnership on 15/04/2024
Albion Financial Solutions is a trade name of Alastair James Watson, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.